Sadbhav Engineering financials and balance sheet

NSE: SADBHAVBSE: 532710Transport InfrastructureSmall Cap

₹6.22₹0.09 (1.47%)BSE ₹6.22

Share price at the NSE close on 23 Oct 2026. Previous close ₹6.13.

52-week range of traded prices to 23 Oct 2026

₹5.90Low, 22 Oct 2026₹14.70High, 23 Dec 2025

Market cap: ₹107 Cr2,619th largest listed
P/E: Earlier quarters restated in the year
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Assets held for saleon the latest balance sheet
ROCE: Assets held for saleon the latest balance sheet
Debt to equity: Assets held for saleon the latest balance sheet
Volume, NSE: 5,29,82132.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Sadbhav Engineering annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹5,240 Cr, year to Mar 2019Back to profit in the year to Mar 2026, ₹94 Cr

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue973
Materials and goods−2.8
Employee costs−50
Other expenses−388
Operating profit531
Depreciation−139
Other income+93
One-off items+107
Finance costs−415
Profit before tax178
Tax−83
Net profit94

What the company owns

Plant, investments and other assets₹5,455 Cr
Receivables₹280 Cr
Cash and bank₹124 Cr
Inventory₹1 Cr

What pays for it: net worth and liabilities

Borrowings₹3,264 Cr
Other liabilities₹2,298 Cr
Owed to suppliers₹298 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Sadbhav Engineering quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 31 May	Mar 2020Filed 10 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 31 May	Mar 2023Filed 28 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Revenue from operations	4,570	4,975	5,240	3,487	2,243	1,908	1,777	1,923	1,036	973
	3,308	3,498	3,759	2,345	1,645	2,255	1,729	1,842	619	441
Materials and goods bought	–	–	0	0	343	210	123	24	4	3
Employee costs	–	–	221	197	153	113	66	60	47	50
Other expenses	–	–	3,538	2,148	1,150	1,932	1,540	1,757	568	388
Operating profit before depreciation	1,262	1,477	1,481	1,142	598	−348	48	81	417	531
Operating margin	27.6%	29.7%	28.3%	32.8%	26.7%	−18.2%	2.7%	4.2%	40.2%	54.6%
Materials, % of revenue	–	–	0.0%	0.0%	15.3%	11.0%	6.9%	1.3%	0.4%	0.3%
Employee costs, % of revenue	–	–	4.2%	5.6%	6.8%	5.9%	3.7%	3.1%	4.6%	5.2%
Other expenses, % of revenue	–	–	67.5%	61.6%	51.3%	101.3%	86.7%	91.4%	54.8%	39.9%
Depreciation and amortisation	321	358	392	401	211	167	131	127	127	139
Operating profit after depreciation	941	1,118	1,089	741	387	−514	−83	−46	290	392
Other income	84	119	265	375	354	920	400	144	96	93
Finance costs	1,187	1,313	1,329	1,411	1,003	975	661	560	457	415
Profit before one-off items and tax	−162	−76	25	−295	−262	−570	−345	−463	−71	71
One-off items	0	0	54	1,501	23	−165	−369	−333	−21	107
Profit before tax	−162	−76	79	1,206	−239	−735	−713	−795	−92	178
	9	38	133	100	−1	−7	−14	−16	73	83
Current tax	–	87	128	52	−9	−16	21	17	30	32
Deferred tax	–	−49	5	48	8	9	−35	−33	44	52
	−54	−114	−54	1,106	−237	−728	−699	−780	−166	94
Belonging to the company's shareholders	−54	−114	–	793	−155	−724	−589	−630	−189	25
Belonging to outside owners of subsidiaries	–	–	–	313	−83	−5	−110	−150	24	68
Other comprehensive income	–	–	0	3	0	2	0	0	0	0
Total comprehensive income	–	–	−55	1,110	−237	−726	−699	−780	−166	93
Net margin	−1.2%	−2.3%	−1.0%	31.7%	−10.6%	−38.2%	−39.4%	−40.6%	−16.0%	9.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2019: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 31 May	Mar 2020Filed 10 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 31 May	Mar 2023Filed 28 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
	968	2,023	1,784	1,062	336	−115	−207	−9
	968	1,601	1,445	802	175	−125	−241	−111
Share capital	17	17	17	17	17	17	17	17
Reserves	951	1,584	1,428	784	158	−143	−258	−128
Belonging to outside owners of subsidiaries	–	423	339	260	160	11	34	102
	10,423	6,327	6,123	5,759	4,775	3,734	3,777	3,264
Repayable after a year	9,683	5,633	5,367	2,985	1,344	956	744	842
Repayable within a year	741	694	755	2,774	3,431	2,778	3,033	2,422
	3,438	3,003	3,797	5,243	5,923	4,630	4,830	3,900
Trade payables	599	729	889	0	680	1	436	298
Other financial liabilities	914	875	1,658	1,990	1,419	1,636	1,225	1,092
Other liabilities	937	691	478	432	327	111	41	31
Provisions	223	6	6	35	50	78	85	56
Tax owed	25	8	10	12	15	27	12	–
	11,690	7,015	6,735	3,110	1,491	1,121	781	877
Other financial liabilities	1,715	1,139	1,099	35	80	135	5	1
Other liabilities	0	29	0	0	0	–	0	–
Provisions	217	137	174	1	1	0	1	1
Deferred tax	75	77	94	89	65	30	31	33
Liabilities going with businesses held for sale	–	243	168	1,471	2,075	1,413	1,272	1,093
	16,096	12,284	12,484	10,887	9,824	7,049	6,676	5,860
Held for sale or for a demerger	–	333	318	1,414	2,216	1,384	1,362	1,324
	12,550	8,383	8,652	4,262	2,441	1,297	1,328	560
Plant in use, after depreciation	507	405	286	193	130	44	22	23
Plant being built	3	1	4	4	4	5	4	0
Intangible assets	9,311	4,031	3,921	189	161	125	87	41
Goodwill	0	27	27	27	27	27	27	27
Intangible assets being developed	0	96	96	0	0	0	0	0
Property held to earn rent	2	1	1	2	1	1	1	1
Investments	6	730	723	177	122	1	1	1
Loans given	0	0	0	1	1	0	0	0
Other financial assets	2,476	2,730	3,204	3,426	1,848	947	1,082	440
Deferred tax	99	113	134	102	101	101	61	2
Trade receivables	86	132	198	132	28	30	32	25
Other assets	59	116	60	9	19	15	10	1
	3,546	3,569	3,514	5,211	5,168	4,369	3,987	3,976
Inventories	179	147	139	107	33	6	4	1
Trade receivables	1,098	1,478	164	323	386	276	194	280
Cash and cash equivalents	132	93	107	157	107	41	43	80
Other bank balances	26	111	5	56	11	14	21	44
Current investments	99	0	7	0	0	0	0	0
Loans given	17	95	56	32	65	10	20	10
Other financial assets	1,035	774	2,059	3,380	2,880	2,869	2,549	2,550
Tax paid in advance	102	124	142	75	51	278	32	10
Other assets	858	746	834	1,081	1,634	875	1,124	1,002
Net debt	10,167	6,123	6,003	5,546	4,658	3,679	3,713	3,140

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 1 Jul	Mar 2022Filed 31 May	Mar 2023Filed 28 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
	1,184	−3,096	1,766	1,154	300	749
	1,201	−3,171	1,748	1,389	241	760
	292	−3,354	1,413	1,371	23	242
Receivables	−536	−364	1,164	973	−1	355
Inventories	8	32	53	27	3	3
Payables	159	−265	117	−142	35	−59
Other working capital	660	−2,757	79	514	−14	−57
Tax paid	−17	75	18	−236	−23	−11
Capital spending	15	3,702	66	9	1	72
Free cash flow	1,169	−6,799	1,700	1,144	299	677
	118	5,253	32	72	32	−70
Plant and property sold	0	49	23	54	28	0
Interest received	79	948	37	25	20	25
	−1,288	−2,107	−1,848	−1,283	−330	−642
Borrowings raised	−204	1,052	657	0	149	0
Borrowings repaid	0	−2,383	−1,641	−876	−202	−384
Interest paid	−1,003	−975	−661	−560	−254	0
Lease payments	−21	−12	−2	0	0	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	1	0	0	0	0	0
Net change in cash	14	49	−50	−57	2	37

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Sadbhav Engineering dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 31 May	Mar 2020Filed 10 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 31 May	Mar 2023Filed 28 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Earnings per share	−₹3.31	−₹6.60	₹1.23	₹46.21	−₹9.03	−₹42.18	−₹34.32	−₹36.73	−₹11.04	₹1.53
Diluted earnings per share	−₹3.31	−₹6.60	₹1.23	₹46.21	−₹9.03	−₹42.18	−₹34.32	−₹36.73	−₹11.04	₹1.53
Dividend per share	₹0.75	₹1.00	₹1.00	–	–	–	–	–	–	–
Book value per share	–	–	₹56.44	₹93.30	₹84.24	₹46.72	₹10.21	−₹7.31	−₹14.06	−₹6.46
Shareholder yield	–	–	–	–	−0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	5,236	6,682	4,263	465	1,069	454	148	491	181	125

Ratios

Consolidated, years to March.Sadbhav Engineering PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 31 May	Mar 2020Filed 10 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 31 May	Mar 2023Filed 28 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Revenue growth	17.9%	8.9%	5.3%	−33.5%	−35.7%	−15.0%	−6.9%	8.2%	−46.1%	−6.1%
Operating profit growth	57.1%	17.0%	0.3%	−22.9%	−47.6%	–	–	68.9%	414.8%	27.4%
Earnings per share growth	–	–	–	3,656.9%	–	–	–	–	–	–
	–	–	–	61.7%	−10.2%	–	–	–	–	–
	–	–	–	–	−71.9 pts	–	–	–	–	–
From the net margin	–	–	–	–	−80.5 pts	–	–	–	–	–
From asset turnover	–	–	–	–	4.9 pts	–	–	–	–	–
From borrowing	–	–	–	–	3.6 pts	–	–	–	–	–
Return on capital employed	–	–	9.6%	8.9%	4.9%	–	–	–	–	–
Cash conversion	–	–	–	–	–	–	–	–	–	800.0%
Interest cover	0.8	0.9	0.8	0.5	0.4	–	–	–	0.6	0.9
Debt to equity	–	–	10.76	3.13	3.43	–	–	–	–	–
Receivable days	–	–	77	155	27	–	–	–	–	–
Inventory days	–	–	–	–	148	–	–	–	–	–
Payable days	–	–	–	–	946	–	–	–	–	–
Cash conversion cycle, days	–	–	–	–	−772	–	–	–	–	–
Working capital days	–	–	41	110	57	–	–	–	–	–
Asset turnover	–	–	0.33	0.25	0.18	–	–	–	–	–
Assets per rupee of net worth	–	–	16.62	11.05	8.13	–	–	–	–	–
Sales per rupee of plant	–	–	10.33	8.60	7.85	9.89	13.67	43.76	46.52	42.75
Capital spending to depreciation	–	–	–	–	0.07	22.19	0.51	0.07	0.00	0.52
Plant being built, % of plant in use	–	–	0.6%	0.2%	1.3%	2.0%	2.9%	12.5%	19.1%	0.0%

Interest cover is left blank for the years to Mar 2022, Mar 2023 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.4%
Cash from operations against operating profit: 141.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−12.9%	−15.4%	−18.2%
Operating margin, average	22.9%	16.7%	33.0%
Net margin, average	−10.8%	−24.9%	−15.6%
Interest cover, average	–	–	0.8

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	872	2,202	749
Cash from investing	5,318	34	−70
Cash from financing	−6,210	−2,255	−642
Capital spending	3,851	82	72
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,858	149	0
Borrowings repaid	5,485	1,462	384

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	4	4	6	7	6	7
Altman Z-scorePublished threshold 1.1	0.89	2.36	0.81	0.48	−0.45	−0.55	−0.62	0.69
Beneish M-scorePublished threshold −1.78	–	–	−3.96	−0.75	−3.52	−4.17	−2.89	−2.59
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−12.43	−24.69	−24.12	−23.77	−7.25	−9.33
Receivables growth less revenue growthOur threshold 0 percentage points	–	68.04	−53.22	111.76	26.25	−36.74	16.46	50.37
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	15.96	−27.77	−0.87	42.53	−43.48
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−10.07	62.03	78.67	1.69	−28.30	−30.48	−14.87
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.00	0.04	0.05	0.06	0.13	0.04	0.00
Effective tax ratePublished threshold 17.16 per cent	168.39	8.30	–	–	–	–	–	46.77
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	40.71

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
17 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND D(NCO)Review, Other		2,750

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.